This Day, That Year

Item from Nov 13, 1984, in China Daily: Xiamen, Fujian province, takes the lead among the country's four special economic zones by ensuring a free flow of funds in and out of the zone, and setting up the first joint venture bank, the Xiamen International Bank.

Since reform and opening-up, foreign capital banks have been actively engaging in business in China.

In August 1985, Xiamen International Bank was established as the first joint venture bank in the country. Its shareholders include Industrial and Commercial Bank of China, Min Xin Holdings Limited, the Asian Development Bank and Japan's Shinsei Bank.